No separate figures for Germany have been published yet. But Claus Vistesen of Pantheon Macro says that on the basis of the data released so far, growth in Europe’s largest economy was about 0.2%.
Among those that have published their own national data, Spain is the strongest, continuing the pattern of a relatively robust rebound after its financial crisis.
But the overall picture is downbeat.
Inflation target
In France, the decline reflected companies selling from their stocks of goods, rather than producing new ones, and also a fall in exports.
Trade tensions and the impact they have had on exports have been a recurrent problem, dampening economic performance in a number of countries, notably Germany, since US President Donald Trump took office. Strikes and protests over pension reform were also a factor in France.
Italy’s decline in economic activity also partly reflected stocks being run down.
The eurozone has been supported ever since the regional financial crisis by the policies of the European Central Bank (ECB).
It has very low interest rates, one of which is currently below zero, and for much of the time, has pursued a policy of quantitative easing, buying financial assets with newly created money.
The weak growth figures suggest the end of those unusual policies is still some way off.
The ECB has a target of inflation below, but close to, 2%, and one of the reasons it has maintained such low interest rates has been because it considers inflation has been too low.
Other figures just published show the headline inflation rate rose slightly in January to 1.4%. But the underlying rate, which excludes volatile energy and food prices, slipped to 1.1%.
The more encouraging news was a decline in unemployment. At 7.4%, it is the lowest since May 2008.
There are some very wide variations between countries. But even those with the highest unemployment rates – notably Greece and Spain – have seen huge falls since the eurozone crisis was at its height.
TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.
The S&P/TSX composite index closed up 93.51 points at 23,568.65.
In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.
The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.
The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.
The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.
This report by The Canadian Press was first published Sept. 13, 2024.
OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.
The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.
The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.
The personal and household goods subsector fell 2.5 per cent to $12.1 billion.
In volume terms, overall wholesale sales rose 0.5 per cent in July.
Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.
This report by The Canadian Press was first published Sept. 13, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 172.18 points at 23,383.35.
In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.
The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.
The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.
The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.
This report by The Canadian Press was first published Sept. 12, 2024.
